The debt automatically rolls over into P&I payments at the end of the interest only period and has a 5 year balloon amortized over 20 years (there are banks that will amortize 25 years, I've spoken with one that will even LOCK the rate for 20 years for a small premium). 

There are large homes out there that can be a faux duplex by simply locking a door, not giving the key to a tenant, and putting a kitchenette in.

Say a deal lands in my lap tomorrow, and I have everything in place to pull the trigger on it.

I put a lock on the gate to stop that.

If he does sell, he does not want to lock into another tenant.

I'm ready to pull the trigger as soon as I find the right deal!

I'm eager to learn about it and I'm not in a hurry to pull any triggers yet.

In my opinion, its "analysis paralysis"... just find good deals where the numbers make sense, regardless of location and pull the trigger before others find out about the deal. 

David Oldenburg those are the homeruns we all play the game for... care to share some of the numbers and maybe show what you did with that meager $200 to lock in the deal?

If you've been preparing to do this for the past couple of years and you haven't pulled the trigger yet, it sounds like you are stuck in Analysis Paralysis.